Endeavour Silver to slash 2016 output by over 25%

El Cubo mine will be placed in care and maintenance mode by the end of the year. (Image courtesy of Endeavour Silver)

Canadian miner Endeavour Silver (TSE:EDR, NYSE:EXK) will cut back production for the year by more than 25% as it puts its currently unprofitable El Cubo mine, located in Mexico, in care and maintenance in light of soft silver prices.

Endeavour Silver’s production is expected to be now in the range of 4.9-5.3 million ounces this year, while gold output will be in the 47,000-52,000 ounces range. Silver equivalent production is forecast to be 7.9-8.5 million ounces using a 75:1 silver:gold ratio, the company added.

The company operates three mines in Mexico, the world's biggest silver producing country.